Dhaka stocks down on profit-taking sales

May 21, 2015

Dhaka stocks inched down on Wednesday as a section of investors went for profit taking share sell-offs after a sharp rise in share prices in last couple of trading sessions, market operators said. The key index of Dhaka Stock Exchange, DSEX, closed at 4,455.57 points, shedding 0.08 per cent or 3.71 points. DSEX in last 11 trading sessions gained 495.84 points including 143.30-points increase in last two trading sessions.
But the recent recovery was not enough to recover investors’ losses as the key index of the bourse had declined more than 1,300 points since October last year till May 4 this year.
Operators said that a section of investors might have opted to book some profit following the recent sharp rise in share prices.
The investors share switching mostly from large capitalized stocks to the low and mid capitalized stocks might be the reason behind the negative ending of the session despite increased share prices of most traded scrips, operators said.
DS30, the blue-chip index of the bourse, fell by 0.44 per cent, or 7.56 points, to close at 1,678.87 points on Wednesday.
The Shariah index of DSE, DSES, closed at 1,083.35 points, shedding 0.03 per cent or 0.39 points.
Turnover of the bourse declined to Tk 782.90 crore on Wednesday compared with that of Tk 808.75 crore in the previous trading session.
Of the 306 shares and mutual funds traded on the day, 152 advanced, 126 declined and 28 remained unchanged.
‘Having two consecutive sessions’ robust gain of 143.3 points, the market faced a shakeout as some investors realized profit or re-balanced their portfolio,’ IDLC Investments said in its daily market commentary.
‘Participants were more focused on low priced Micro Cap scrips on the day, generating a volume of 2.2 bn as against 2.1 bn the day before, while turnover understandably declined slightly to Tk 7.8 bn,’ it said.
‘Market took a slight correction after making large gains in last two trading sessions,’ LankaBangla Securities said in its market analysis on Wednesday.
‘There has been significant buoyancy in equity market as investors are expecting that market will enjoy on the reduced rate in banking sector, whittling away all the business losses caused by political unrest in last few months,’ it said.
‘Banks’ average lending rate slashed to 11.93 per cent in March 2015, the lowest in two years, riding on falling cost of funds and measures aimed at reducing expenditures,’ it said.
Khulna Power Company led the turnover chart as its shares worth Tk 63.51 crore changed hands.
Summit Alliance Port, Bangladesh Submarine Cable Company, RAK Ceramics, SAIF Powertec, United Airways BD, Baraka Power, BEXIMCO, Shasha Denims and ACI Formulations were among other turnover leaders.
Hakkani Pulp and Paper gained the most on the day with a 10-per cent increase in its share prices, while Samata Leather Complex was the worst loser, shedding 9.65 per cent.

-Input from New Age

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